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07/22/2013

Portman introduces fix for consumer bureau

U.S. Rob Portman has introduced legislation to create an inspector general position in the office of the Consumer Financial Protection Bureau.

Republicans don't like the new consumer bureau being overseen by an individual they think will have too much power over the financial sector. Portman (R., Ohio) was part of a failed 2-year GOP effort to force changes in the makeup of the CFPB by blocking President Obama's appointment of Ohioan Richard Cordray (D., Franklin) as director.

Republicans dropped that tactict last week in an historic agreement to avoid a showdown over the Senate's filibuster rules.

Portman's new bill creates an inspector general to be confirmed by the Senate.

So the Senate is going to resolve a crisis over stalled appointments by creating another appointment to potentially stall ...

Here's Portman's comment:

“Given the CFPB’s insulation from congressional oversight, it is critical that it have a dedicated, Senate-confirmed internal watchdog - just as the IRS Restructuring and Reform Act of 1998 created an independent IG for tax administration to ensure robust oversight,” said Portman.

“Given the important role we’ve seen an IG play in the IRS scandal, creating an independent IG dedicated to this large bureaucracy with vast powers is a commonsense step we can take to ensure greater transparency and accountability at the CFPB. I hope the White House and Rich join me in pushing for this commonsense, bipartisan reform.”